RSA Directors Suspended

delthedriver

http://www.irishtimes.com/business/sectors/financial-services/insurer-rsa-suspends-executives-of-irish-unit-pending-inquiry-1.1589005

Having finished looking at the banks is there a major job to be done in looking at the Insurance Companies?

Kikin

Not to be confused with the Road Safety Authority

hfallada

Ah why? There is very few major insurers in Ireland(most insurance just sell on policies from the large insurers). RSA themselves realise their liquidity ratio was not meeting guidelines and transferee €86 million into the company. What more can the government do? They are already regulated and actually monitored

Fred Swanson

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delthedriver

hfallada wrote: »

Ah why? There is very few major insurers in Ireland(most insurance just sell on policies from the large insurers). RSA themselves realise their liquidity ratio was not meeting guidelines and transferee €86 million into the company. What more can the government do? They are already regulated and actually monitored

Sure the banks were regulated and monitored too!

Aew the Insurance Companies now in meltdown?

Fred Swanson

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Kikin

Fred Swanson wrote: »

Hopefully this will mean an end to 123.ie sending unsolicited spam in the mail.

Hopefully it won't mean an end to their low car insurance prices though! Probably will considering their underwriters are having liquidity problems

Kikin

Fred Swanson wrote: »

We will end up bailing them out also. Remember when this happened to Quinn Insurance?

PMPA too

(Yes I'm old)

delthedriver

Kikin wrote: »

PMPA too

(Yes I'm old)

Who is next? Can't do much for the consumer?

Fratton Fred

Fred Swanson wrote: »

We will end up bailing them out also. Remember when this happened to Quinn Insurance?

Different kettle of fish. Quinn had invested their reserves in Anglo and Quinn shares and had no other way of recouping those reserves when those investments became worthless.

RSA Ireland was under reserved, so the group gave it €100m to make sure it's reserves were adequate. From a consumer perspective, that's it, job done.

I would hazard a guess and say the three guys suspended have been because between the three of them it is their job to make sure reserving is correct, so they are under internal investigation.

delthedriver

Fred Swanson wrote: »

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+1 And get rid of those annoying radio ads!:)

delthedriver

Fratton Fred wrote: »

Different kettle of fish. Quinn had invested their reserves in Anglo and Quinn shares and had no other way of recouping those reserves when those investments became worthless.

RSA Ireland was under reserved, so the group gave it €100m to make sure it's reserves were adequate. From a consumer perspective, that's it, job done.

I would hazard a guess and say the three guys suspended have been because between the three of them it is their job to make sure reserving is correct, so they are under internal investigation.

Quinn may have been more successful investing in a race horse?

delthedriver

Kikin wrote: »

Hopefully it won't mean an end to their low car insurance prices though! Probably will considering their underwriters are having liquidity problems

Probably a great excuse for Insurers now to raise their prices across the board. 9/11 was a great excuse in the past, though over the last few years it has been a race to the bottom in terms of prices . Too many Insurers in a small market with too few customers?

RSA may not be the only Insurers feeling the pinch.

At the end of the day it will be the punters who will get screwed over again

delthedriver

I would hazard a guess and say the three guys suspended have been because between the three of them it is their job to make sure reserving is correct, so they are under internal investigation.

Fred, Think you hit the nail on the head!

Guess they will be pursuing other business interests fairly soon!

How many more are likely to follow???????????

delthedriver

Kikin wrote: »

PMPA too

(Yes I'm old)

What ever became of them?

Fred Swanson

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Fred Swanson

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delthedriver

Surely the deficit was spotted long ago? What accounts have they been showing to the Regulator all along.

Has a hint of the Banks , :rolleyes:

keeponhurling

Hadn't heard about the Professional Mickey Pullers Association for a while, they became Axa??

Fred Swanson

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MadsL

Interesting - the Data Protection Commissioner is still trying to get a proper response from them with regard to my complaint about them basing insurance on this question which is in breach of the Data Protection Acts.

Within the last 3 years how long have you lived in Ireland and/or the UK?

Fred Swanson

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MadsL

estimated the group’s 2013 operating result would be £70 million (€83.9 million) lower than current market expectations.

Mis-stating revenue for a publicly traded company is a little bit more than a paddling. Jail time is a real possibility here.

MadsL

Fred Swanson wrote: »

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Which ones?

Fred Swanson

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MadsL

Fred Swanson wrote: »

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Can't see that on the website, they are just a broker anyway. That's more to do with offering spouse on your insurance at a discount, rather than increasing your premium for daring to go work overseas for a few years.

Howjoe1

Who are their external auditors?

MadsL

Howjoe1 wrote: »

Who are their external auditors?

Good question. Probably one of the big boys - wouldn't be the first time blind eyes have been turned.

mathepac

Kikin wrote: »

PMPA too ...

My old man bought a policy from Joe Moore. Protection is right. Protection rackets in the North and in America were straighter operations.

Remember Insurance Corporation Ireland, ICI? AIB bought them and there was a big deep hole in the balance sheet which the tax-payers filled. No-one asked us, we were just told. I think it was the first (or the second) insurance levy.

Frankie Lee

MadsL wrote: »

Mis-stating revenue for a publicly traded company is a little bit more than a paddling. Jail time is a real possibility here.

Hardly, this is Ireland.

MadsL

Frankie Lee wrote: »

Hardly, this is Ireland.

And a UK company...